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The article models a typical scenario: a 35-year-old couple that bought a four-room HDB five years earlier and has just met the MOP. Their outstanding mortgage is about $200,000, costing $1,070 per month on a HDB loan. A Punggol four-room flat can rent for around $3,200 monthly. After deducting agent fees, maintenance and vacancy, net rental income is roughly $32,000 a year, or $2,666 per month. Combined with $100,000 invested in blue-chip stocks and REITs yielding 4% annually, the couple earns about $3,000 per month in passive income.
While this is insufficient for Singapore, it allows a comfortable lifestyle in lower-cost Southeast Asian cities. In Thailand (Chiang Mai, Hua Hin), a couple can live on $1,500–$2,000 monthly. Malaysia (Penang, Ipoh) offers good quality of life for $2,000–$2,500. Vietnam’s Da Nang or Ho Chi Minh City ranges $2,000–$2,500, while parts of Indonesia can be below $2,000.
However, the strategy comes with trade-offs. Renting out the flat leaves the couple without a home base in Singapore, making return trips expensive unless they can stay with family. Healthcare abroad may lack subsidies, and private insurance varies in coverage. Families with children face schooling challenges, and this geoarbitrage model only works in lower-cost countries. Higher-cost regions like Europe, Japan or Australia would require much greater assets.
Overall, renting out an HDB flat to “retire” overseas is possible for some, but it requires sacrifices, realistic budgeting, and acceptance of lifestyle constraints.
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